Tencent-Backed Enflame Technology Raises $911M in Shanghai IPO with Shares Nearly Tripling
Covered by 3 sources
Enflame Technology, an AI chipmaker supported by Tencent, raised around $911 million in its initial public offering on the Shanghai Star Market. Its shares surged nearly 180% above the offering price on debut, boosting the company's valuation to about $25.5 billion and making its cofounders billionaires. The firm, established in 2018 and focused on AI training and inference chips, has yet to report a profit.